Turtlemint Fintech eyes Rs 2,000cr IPO; to submit updated draft documents to Sebi in the next two weeks

Insurtech firm Turtlemint Fintech Solutions Ltd will file its updated draft documents with market regulator Sebi in the next two weeks as it prepares to launch its Rs 2,000 crore initial public offering (IPO) sometime between March and April, people familiar with the development said on Tuesday.The company had confidentially filed its preliminary IPO papers in September and received Sebi’s approval to proceed with the public issue in December.

Following Sebi’s approval, the company will file its updated draft red herring prospectus (UDRHP) in the next two weeks, which will be open for public comments for 21 days. After this, the company has to submit UDRHP-II containing public comments and then RHP for the actual launch.

The insurtech company is aiming for a stock exchange listing by April, according to people familiar with the development.

Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, the company focuses on simplifying the purchase and management of insurance policies and has sold around 1.6 crore policies through a network of over five lakh advisors.

Turtlemint claims to have processed over 90 crore claims for over 1.2 crore customers. The technology helps financial advisors instantly match clients with insurance products that best suit their needs, improving efficiency and supporting business growth.

On the investor side, the company counts Amansa Capital, Jungle Ventures and Nexus Venture Partners among its backers. Turtlemint connects insurers, advisors and consumers on a unified technology platform and has forged long-term partnerships with more than 40 insurer partners, accounting for nearly 65 percent of all life and general insurers in India.

The proposed listing comes amid increasing interest in insurtech offerings. In November 2021, PB Fintech, which operates Policybazaar and Paisabazaar, tapped the markets with an IPO of Rs 5,710 crore.